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the fiscal cliff talks? and some new years resolutions on congress. we will be right back. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty mh access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. gerri: it is official coming house will be back to deal with the fiscal cliff monday afternoon. harry reid asked the politicians to blame john boehner for everything. joining me now, chairman and cofounder. great to have you back. i mean, come on, harry reid was crazy today. >> american people i don't think understand the house of representatives is operating without the house of representatives. it iit's being operated with a dictatorship of the speaker. gerri: how do you respond to that? john boehner quinones says to make everything not happen? >>
's my tide, what's yours? >>> happy new year! just 17 hours from it every 2013 and the fiscal cliff. congress putting your money at risk. may be a last-minute vote in the senate today. again, that is more than 517 days after they could have fixed the thing to start with. in case you weren't angry yet, president obama sign the executive order that gives executive worker as a pay raise. won wonders whether congress has earned their raise. grover and i have never agreed on anything rat all except the fact that congressmen shouldn't have had a raise on thursday. good morning, goo to see again. >> good morning. >> you continue to engage in the conversation which i always appreciate. let me ask you this, you don't want taxes going up on anyone. but when things looked like they were aat an impasse and house speaker john boehner, the highest elected in the country. put forward his plan b about a week ago, you read it through, and you said you would be okay with people who had signed this anti tax pledge of yours voting for that bill. voting for an increase of taxes. and you will phrase it d
month's payment on any new volkswagen. visit vwdealer.com today. >>> this whole fiscal cliff mess shows how out of touch you are with the way that people live in the country. you are off in la-la land and people are saying that you are are acting like a bunch of spoiled brats who are more interested in being right than in doing the right thing and actu actually representing the people who elected you. >> more interested in being right than in doing the right thing. you know, don, i'm not one of the guys who piles on with the mob and hates politics and hates washington, but people are frustrated and i have trouble finding fault in their frustration at all. welcome back, everybody, to the special coverage of the fiscal cliff negotiations. don and i will stick with you while we follow what is going on. take a look at what is going op at the capitol and pretty picture, and i hope they are getting work done in there. lawmakers are getting work done and they are filing in for the roll call. you don't want to leave it for the last minute. the talks are aimed at preventing us from going over th
to the fiscal cliff to new year's eve to the nfl post season on my last day as you said and clayton's birthday mind you. an update on hillary clinton's condition in just about 10 minutes join us for "fox & friends" 6-9 eastern time. >> welcome back. it is 52 after the top of the hour. let's span the globe to see what's happening in headlines. hugo chavez is reporting from new complications following his recent cancer surgery there. so far we are hearing those complications are stemming from a respiratory infection and his condition is delicate. next to northern ireland where police officer manages to escape a bomb found under his car. so far no one is claiming responsibility for planting the device. finally to columbia where a massive land slide completely cut off a highway and buried cars there. at least five people were killed. a search is underway right now for 25 people that are missing. patti ann? >>> the count down to 2013 is on. over 1 million people preparing to pack times square to ring in the new year. lawmakers may ring in the new year by going over the cliff. lauren simonetti joins
the fiscal cliff. so, bret baier, welcome to you. all the news trickling out today, but it looks like at least the house of representatives will not vote on any deal to avoid the fiscal cliff. what is the latest? >> seconds ago, confirmation that, in fact, the house will not take up any fiscal cliff vote tonight even if the senate manages to get a piece of legislation to the floor and gets over the hurdles we have talked about. if there are the votes to get it on the senate side question confirm, right now, from our people on capitol hill, including chad, who you just talked to, the house will not take up any fiscal cliff vote even if the senate does pass something tonight as you look at the senator from missouri speaking on the senate floor. that means the country is going over the fiscal cliff technically. as we have known congress to do before, you can have maneuvers by which they rewind the clock and if they go into tomorrow and they actually pass a piece of legislation they can rewind it to the point they need to be. some of the stipulations about the sequester and those are the
news.. all local.. all morning. ((break 8)) xx justthours remain.. before we go off the fiscal cliff.the lastt minute efforts lawmakers are making ttday to avoid calculate just how much it'll a snowy new yyar?when e could get some winter weather in our prea. and... kim kardashian's big news.. 3 3 monday, january 1st - nnw year's vee 3 3 3 3 3 the ccocc is ticking forr lawmakers to ccme tooa compromiie on the fiscal cliff. &pcliff.they have until midnight... to reach an agreement.negotiatioos have been contentous.. ..nd n sunday...a democratic source revealed ttere wass majoo setback... regardinggsocial security benefts. benefts.democratsswant higher taxes on faailies earning 250-thousand--oolars a year and over. while republicans they are. "i want everyone to know i'm i need a dance partnee.""if but thereeii an uutimate parts of it thatti fiid disggsting anddreprehensible whichhi may have to swallow iin compromise."even if lawmakers ddn't come to an agreement tonnght, you likelyywon't see a drastic channe in your next paycheck.that's becaase buuinessess ikely used 20-12 wiihho
over the fiscal cliff.whaa's still being done to try to stop ittfrom happening on fox45 news at five.. 3 3 3 3 3 p there areejust hours to come up with a ay to avoid going over the fisccl cliff. cliff.lawmakersswere on capitol hill sunday... in hopes of averting year-end coobination of spending cuts and tax increases that ould triggee new recession.but s ed henry explains... leaders say no deal is in siiht. sight. the house and senate back to work for a rare sunday sesssin...trying to figure out the fiscal cliff negotiations.a lot of talkk very few solutions so faa. larson saas: "our membership ii as frustrated as the american ppople we're sworn to seevv."beccrra saas: "none of the votes we'll be casting today have anyyhing to do with these deadllne we face in slightty more hann24 hours. &pwe're here, we're ready." president ooama, sitttng down for his ffrst sunday morning three years, ttll n-b-c itts time for lawmmkers to nail doww a deal:obbma says: "we don't yet see an agreement and now the pressure is on congress to produce." r
the fiscal cliff. happy new year. here's what you might have missed. president obama left hawaii early to get back to washington today. the senate is also coming back from christmas vacation today to work on a deal. now, sources tell us majority leader harry reid will push a scaled-back version of the fiscal cliff package that president obama laid out on friday, which moved the tax hike needle to $400,000. no word yet on when the house of representatives might come back, but democrats say the only hope we have of something getting through the house, the senate and the white house may be a very last-minute deal. cnn radio's lisa is following developments on capitol hill right now. the ball is in senate majority leader harry reid's court it would seem right now, lisa. >> that's right. harry reid and the senate seem to be the only game in town right now with the senate returning today. we also know from sources, ali, that over this christmas break there were no conversations between the president and top-level republicans. sources from both parties are telling us they are watching the senate, es
right now. including that so-called fiscal cliff. only seven hours until the ball drops for new year's. and seven hours till the united states formally goes over that fiscal cliff. a still combative president obama says an agreement is in sight and the senate leader mitch mcconnell says it's close as well. house republicans have decided they will not vote until after taxes have already gone up. they're supposed to go up after midnight. we have complete coverage of this breaking news story as well. let's begin this hour with our senior congressional correspondent dana bash. as we've been saying, we are going over the fiscal cliff. >> reporter: technically, that is true. house has decided that there's no point, from the perspective of republicans who run the house, to stay tonight, because the plan over the past two, three days, has been for the senate, which is down the hall behind me, tore vote on any kind of deal first, and then send it to the house. the senate isn't there yet. they're very close. but close doesn't give a bill to the people who need to write it and put it on the flo
number. comfort individualized. >> our coverage of the fiscal cliff continues moments away. other news making headlines and breaking at this hour. we've learned about five people killed in a charter bus crash on an icy interstate in oregon. these weather systems are something that we have been watching tonight. state police are telling us that 20 others were injured when the vehicle crashed through a guardrail and traveled down an embankment. some of the injured taken to local hospitals while others were treated there and there will be an investigation and we'll bring you pictures as they come into the news room as well. new developments regarding a fatal plane crash in russia. new video surfacing of the airliner as it careened off the runway and on to a highway in moscow yesterday. the impact sending debris flying into oncoming traffic, including a tire that slammed into a car. no passengers were on board at the time only crew members and the death toll risen to five after a flight attendant. the remaining three survivors listed in mythical or serious condition. hospitalized tonight.
maryland. what shoppers need to know. it may not be a pleasant new year to avoid the fiscal cliff. some of the implications that could affect your wallet. those stories and >> i believe you said you are keeping your eye on a snowy vent your yid -- snow event. >> tomorrow, i think, we might have a little bit of slipping and sliding in the morning. there could be some freezing rain. this will be mostly a rain each event on wednesday. the storm is on saturday. that might be cold enough for snow. that will be the day. new year's eve looks good. >> we will be watching. merry christmas, everyone. the nightly news is next. the nightly news is next.
with a closer look at the fiscal cliff negotiation. >> and we'll check in on the final preps in new york before tonight's main event. >> and as we head to break, let's take a live look outside. the latest weather and traffic from tucker and langdon coming up next. time now is 7:25. dinner's ready. [ female announcer ] hamburger helper stroganoff. beefy. creamy. stroganoffy. helpers. forty dishes, all delicious. i just finished a bowl of your light chicken pot pie soup and it was so rich and creamy... is it really 100 calories? let me put you on webcan... lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. >>> welcome back. hundreds of thousands of people will pack times square tonight to ring in 2013 and make sure everything runs smoothly, yesterday workers tested the iconic crystal ball that will drop. decorated with 32,000 lights and new york city police will observe a tradition of their own keeping an eye on public safety. every year, thousands of extra officers to assist with crowd control there. >> for anyone partying
over the fiscal cliff. happy new year. here's what you might have missed. president barack obama has left hawaii. he left last night, arriving in d.c. early this morning. the senate is also coming back from its christmas vacation to work on a deal today. sources tell us majority leader harry reid will be pushing a scaled back version of the fiscal cliff package that president obama laid out last week. it moved the tax hike needle to $400,000 per household. no word yet on when the house might come back with time ticking away. democrats are hoping that a scaled back plan could get through the house, senate and white house before that big ball drops on 2013. that would be sometime on december 30th or even on new years eve. we want to bring in jonathan allen. he's a senior national correspondent for politico. the top headline on politico is fiscal cliff deal increasingly unlikely. i think a lot of people are feeling that pessimism right now. what are you hearing? >> well, i think what you've got here, alena, is a nash equilibrium to borrow from economic theory and game theory. each of th
heard about the fiscal cliff. for a lot of people, the so- called dairy cliff is new. the price of a gallon of milk could go up to about $8 a gallon. shoppers are taking a detail around the dairy aisle. prices could double if congress does not pass the farm bill by the end of the year. >> the old subsidy was based on the 1949 production process of milk production. >> according to a university expert, if lawmakers do not come to an agreement, washington will be forced to pay farmers based on very dated calculations. >> it would translate to about $8 per gallon some time after january 1. >> as lawmakers aha new york russell with the fiscal of, some shoppers are already suffering on milk. >> we have a son, and he likes it. i am not going to continue buying it. >> customers who could start gravitating toward moment milk could pose -- toward almond and soy milk could cause problems for the dairy industry. >> people might find subsidies to milk. >> it affects other items, like cheese and ice cream. >> it is big in my house. but we would have to cut back. >> if there is one thing every
griffith. we're just three days away from the new year. still no fix on the fiscal cliff, but there are developments right now, as you know. brian just mentioning there. various congressional leaders and the president getting set to meet at the white house this hour to work on last-minute negotiations all in an effort to avoid those series of tax increases and spending cuts due to take effect next year. what we hear is the senate leaders are there. speaker boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live pictures. maybe somebody is going to get out of that car, and we'll see if any of the other leaders will be heading to the white house. this is speaker boehner right now heading into the white house. we'll keep you updated as this hour progresses here. >> indeed, meantime, more red arrows here on wall street as investors are awaiting for any signs of progress from the white house meeting which is about to get under way. right now we're sitting smack on 13,000. we've clawed back from being below that earlier on today. the nasdaq h
and counting before we fall off the so-called fiscal cliff and while there's no deal, more news out of washington and our very own john harwood is there. >> reporter: mandy, we've got a letter from the republican leadership to the president and to the democrats in the senate saying that the house has acted, they passed legislation last year to extend all the tax cuts and to shift the scheduled sequester cuts from defense to domestic programs, but, of course, in urging the senate to act saying, well, we've acted, now it's your turn, we're simply not going to see the democrats take them up on that because president obama since that letter has won the election and now we're looking at the possibility of a mini deal that would get enacted before january 1st but so far all we've heard are the sounds of silence in the negotiations. a senior white house official told me today when i asked was there any holiday season progress, back channel progress over the past couple of days, got a one-word reply, no. second, the democratic senate leadership says there's a 50/50 chance that we'd get a de
as president obama and republicans stare down the fiscal cliff deadline. >>> plus, a new worry for hundreds of american families who want to adopt. we'll tell you what is behind the controversial move by russian lawmakers. >>> and a new exposes what it calls the gun next door. is it a way to protect communities against gun violence? welcome to united states and around the world, wolf blitzer is off. i'm candy crowley. you're in "the situation room." >>> washington is a deadline-oriented city, and this coming week brings one that is a real doozy, billions in tax increases and across-the-board spending cuts take effect. it forces members of congress and president obama to spend the last few days of 2012 on the job. we want to bring in cnn chief white house correspondent, jessica yelen, we all know they would rather celebrate new year's eve elsewhere. how did they get here? >> reporter: it is such a good question, you know, candy, this grid lock in washington creates the eye-rolling. but the fundamental question goes to the essential differences between the two parties about the role of govern
breaking news stories this hour. we now know the united states will in fact go over the fiscal cliff at midnight tonight. the senate is closing in on a deal, but the house has said it will not vote tonight. possibly take up any action tomorrow. the other breaking news story we're following, new details emerging of secretary of state hillary clinton's blood clot. doctors are now revealing it's located in a vein between her brain and her skull. they say it did not result in a stroke or any neurological damage. we're following both of these stories. i want to bring in tom foreman on the fiscal cliff. the emerging deal that's out there, no deal yet, and no deal until it's finalized, not only in the senate, as you know, tom, but the house of representatives and signed into law by the president. >> there's so many contentious details here. any one of them might trip this up, but there are two big pillars we're talking about today more than anything else. the first one seems to have been successful. it has to do with the idea of where you're going to put the threshold for maintaining the bu
a big news cycle happening on this last did of 2012. not only the fiscal cliff, but secretary of state hillary clinton in the hospital. we'll get to that in just a moment. a diagnosis of a blood clot. but some questions still remaining. >>> we have some weather stories, including the latest on this horrific tour bus crash on an icy highway in oregon. it was packed full of tourists. and it skidded off the road, leaving nine dead, many more injured. >>> and the live shot from new york presbyterian hospital where secretary of state hillary clinton is being cared for right now. abc's martha raddatz has the latest on her condition. martha, good morning. >> reporter: the secretary has not been seen in public since early december after an illness and then a fall. but this is the first time she's landed in the hospital. >> probably a good idea to -- >> reporter: on sunday, secretary clinton was admitted to new york presbyterian hospital for treatment of a blood clot. according to the state department, in the course of a followup exam, the doctors discovered a blood clot had formed, stemming fr
percent and nervous about tax hikes due to the fiscal cliff and we have our julian robinson news, that he is a fake -- not he is a fake but the tweet is. we have been investigating this. it said congrats dick tracy, you must be having a pretty busy day today. >> it's not like it took hours and hours of your time. >> i know. there's not a tlot of news out there post christmas. >> julian would not try to talk about his book this way. >> you can follow me now. did you re-tweet my happy birthday? >> by the way, the fake julian robertson has 3100 followers by the way. >> oh, god. >> joining us to talk about the prospects for a deal to avoid the fiscal cliff, congressman jim himes, democrat from connecticut. congressman, there are some in both parties, i don't know, maybe they wouldn't admit it, they don't think it's the worst thing in the world to go over temporarily. where are you? >> you know, i think there's some chance we get a deal in the early weeks of january which means technically you are going over the cliff. if you vote on the deal that john boehner couldn't get done in his conferen
'll know if there's a deal on the fiscal cliff or not and what either outcome means for you and your money. we'll talk to sheila bair, former fdic chairwoman. and texas congressman lloyd daggett. so much to talk about tomorrow. i certainly hope a deal has been done. >> nice to work with you. >> are you going to go to times square? >> i'm going to run the park. 2013 starts with a run. i conned my wife into it as well. she'll join me. >> happy new year to you. >> cnn newsroom with suzanne malveaux begins now. >>> happy new year. stories we're watching now. hours by hour, inch by inch, the nation sliding closer to the fiscal cliff. we'll have more on this morning's negotiations and what we'll lose if those talks fail. and workers in some states may see a pay raise but may not notice much of a difference. >>> guns are flying off the shelves after fears of a ban on assault rifles following the sandy hook massacre. we're live at the white house with the latest details. plus this. >> reporter: i'm alina cho in times square, where just hours from now new york will host what is arguably the biggest
. as the negotiations surrounding that looming fiscal cliff come to a fever pitch just before the new year. but this is also a time of tradition and celebration in the nation's capital, and nobody decks the halls like the team at the white house for christmas. christmas is there, has come to mean a special visit every year, not just from santa claus, but from abc's own barbara walters. barbara? >> terry, in what has become one of my favorite holiday traditions for the fourth year, i had the privilege of interviewing the president and mrs. obama at the white house. this interview was taped days before the tragic shooting in connecticut and was postponed until now. it was the first time the couple sat down together since winning re-election. mrs. obama also took me on a personal tour of what is called the people's house. and it's never more true than during the christmas season. after thanksgiving, more than 80 volunteers from nearly 40 states descend on the white house, trimming 54 trees, plus every nook and cranny. first dog bo is the star of the show. there he is inspecting the decoration
markets next. we will see if there is a new word there about the fiscal cliff. we found some more winners on the nasdaq. ♪ with fidelity's new options platform, we've completely integrated evy step of the process, making it easier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. dagen: japan's new prime minister vowing to tighten ties with the u.s. as he works to revive the economy. some worry he will pay little attention to funds needed for growth. how does that sound familiar. the japanese market light to the news. the nikkei trading higher today. let's take a look at the ten year treasury. a gauge of how much work the federal reserve is doing by those very treasuries. it is down a little bit today. four more on that, let's bring in chris aarons from ubs. fiscal cliff, what happens to i
: happy new year to both of you. thanks, guys. rick: we have been caught up count down to the fiscal cliff and there is a more fun countdown. tonight more than a million people will gather to ring in the new year. millions of dollars expected to be generated for local new york city businesses. lauren is there in times square. she joins us now. >> reporter: it turn out if you have a microphone you become really popular. it's starting to get really busy in times square. all of these people have actually started to close off the streets. they missed the cue. all right. all right. so they started to -- they started to close off the streets behind me and people are pushing close and they will start to go in at 3:00 p.m. so just a couple minutes from now. then at 6:00 that iconic ball will go all the way up, pushed about it ceo of phillips lighting. it falls down at midnight. all these crazy people behind me are expected to spend get this, $25 million. that's the economic impact for new york city. and they threw all the confetti prematurely, but when it comes down from the sky at midnight we'll
here on the fiscal cliff and we're creeping up here on new year's eve. and then yesterday, as you just mentioned, treasury secretary tim geithner really upped the ante in dramatic stakes in the fiscal cliff end game by saying that the united states is going to hit its borrowing limit on monday. now he said the treasury can put in place some extraordinary measures and it has some wiggle room there but he said that the doubt and uncertainty over the fiscal cliff really clouds the prospect of exactly when the united states is going to hit its debt ceiling, statutory borrowing limit. so, that all adds a whole element of drama to all this. and it's really not clear, guys, at this point, how this thing is going to get resolved. but the house has said that it would like the senate now to go first after the house had been taking the lead in negotiations earlier on. and they say they stand ready to vote, at least, on whatever it is that the democratic controlled senate will pass. it's not clear, however, that anything that could pass the senate could also pass the house, which is controlled by
to the firestorm in the nation's capital and the last-ditch effort to avoid falling off the fiscal cliff. the deadline is looming new year's day. here's brian mooar with the big story this morning. >> as senate leaders were behind closed doors, president obama and republicans issued dueling messages on the web. >> we can't afford a politically self-inflicted wound to our economy. the economy is growing. but keeping it that way means that folks you sent to washington have to do their jobs. >> if the nation goes over the fiscal cliff next tuesday, each side blames the other. >> we can avoid going over the fiscal cliff if the president and democrat controlled senate step forward this week and work with republicans to solve this problem and solve it now. >> all over the country now, uncertainty is in the air. >> it's not a matter of am i going to pay my light bill or not but will it deplete my savings. problem and solve it now. >> all over the country now, uncertainty is in the air. >> it's not a matter of am i going to pay my light bill or not but will it deplete my savings. >> even if the
this. the fiscal cliff fight, still no agreement but we could get word of new developments later on this morning. stay with us. we'll be right back. ht back.  >>> take a live look at udc right now, an area down there and pretty quiet as you can imagine. new year's eve, a lot of people are still off for the holidays and it is good that they'll be off because it is pretty cold. you don't want to be out there having to deal with your morning commute today. that is for sure. >> a few stragglers i saw -- >> redskins celebrating? >> a few stragglers from late night celebrations. >> they'll be celebrating tonight because of the new year. >> it is cold out. temperatures at or below freezing. so if you are growing to be straggling out and about the next couple of hours or so, make sure you have a hat and coat. >> the big puffy. >> yeah, you will want it all week because temperatures will only be in the 30s. today, we'll be in the 40s for daytime highs and we're not there yet. 30 in washington. 20 in pittsburgh. columbus, 20 degrees. let's see. 22 in boston. 30 in new york city. and once
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leader harry reid says the u.s. is probably going over the fiscal cliff. he's planning a news conference. we don't have the exact time. when it goes, we'll go there. investors getting quite nervous. obviously the dow dropping below 13,000. the first time since early december. fear index is spiking the vick. what going over the cliff will mean for you and your money. we will talk about it this hour. >>> airline stocks flying high sitting at 1 1/2 year highs. will it be smooth skies for the industry next year in 2013. phil lebeau has the report. >>> how about housing? what a story housing has been this year. a milestone. home prices on track for their first year-over-year gain since 2006. is the worst finally over? some say yes, others say no. what does michelle caruso-cabrera say. >> tyler, let's drill down to the numbers you were talking about. only four hours to go until america goes over the fiscal cliff. the dow jones industrial average down 113 points. had been down 148 points. look at that as we come on the air back above 13,000 level, not by much. the nasdaq, the biggest decline. 3
between the lawmakers and president obama to try to avoid going over the fiscal cliff that comes on new year's day. but after a meeting at the white house, the president said he is hopeful. >> i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> cnn's chief business correspondent ali velshi joins us from new york with some very good insight. senate majority leader harry reid has said if they don't reach something by monday he'll bring forward a bill to help out the middle class for an up-and-down vote. >> right. >> put everybody on the record, but especially republicans. isn't that the tactic? >> exactly right. the step before that is harry reid is working on some bill that might get bipartisan support in the senate. president obama in that meeting apparently told them try and work something out. and reid left and ma
if america does go over the fiscal cliff. researchers estimate maryland will lose millions in federal funding next year, money already in the state budget. an october report also estimates 53,000 full and part- time jobs would be lost in 2013. the state would lose about $268 million in 2013 and more in 2014. one economist says to make up for the shortfall, the they would have to reallocate spending and make cuts. >> raise the threshold for any kind of aid. it will be a challenge for those making ends meet. >> middle-class family could also in up paying more taxes because of the alternative minimum tax rate. stay with us as we continue to monitor the final hours of negotiations on air and on line. we'll have all the late breaking coverage and also a special section on our website that explains the situation in greater detail. just had to wbaltv.com. >> it new regulations are on the way about access to guns for the mentally ill. we have advanced details tonight. jayne miller is live in the newsroom. >> the task force will recommend a step sure to generate a lot of debate, taking guns away from
to serve. >>> fiscal cliff fears pushing stocks lower but we're well off those lows right now and news that the house will reconvene on sunday evening at 6:30 p.m. eastern time. let's get to seemor, modi with more on this. >> hi, mandy, off of our lows, but today a risk-off approach to trading. that's a strategy being used as wall street is waiting by for the latest on the fiscal cliff negotiations. interestingly enough when you look at the year-to-date performance of the major indices, the nasdaq is the outperformer, however. for q4, just this last quarter, the nasdaq is the worst performing major index. some is down about half a percent today. lastly, one of the bright spots in the online travel space that i want to point your attention to, expedia.com. no major news hepthelping lift the stock. however, traders telling me that technically the stock looks strong. even on twitter you'll see that there are a lot of traders tweeting about this stock, up about 3 president 6%. bill? >> all right. seema, thank you very much. meantime, nokia's shares lower -- they were early on by more than
the company's flagship phone suspect selling well? >>> we will start off with news about the fiscal cliff. congress returning to capitol hill today to try to get a deal done on the cliff before the deadline on december 31st. senate majority leader harry reid is working to see if the scaled backpackage the president laid out last week can get through congress before monday. meantime, treasury secretary timothy geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who hav
weapons. the stories that affect your bottom line to the new apple boss and the fiscal cliff. the biggest money stories of 2012, next. >> 2012 was a big year for business from apple's new world to facebook's ipo in fears over the fiscal cliff. we countdown the biggest business stories of the year. it can sti invent things we didn't buy, faster than any technology. number nine, the u.s. stock market despite all the worries about the fiscal cliff, the stock market had a great year. >> number eight. facebook's i pshlpo. investor diagnosis not. trading glitches and questions about the company's ability to make money on mobile users unload the stock which has yet to climb back to the ipo price. >> number seven, mother meyer. the new ceo of yahoo who announced she would take a two-week maternity leave. 37 years old and it looks like a mother's touch is what yao ya hoo needed. >> an intense drought that scorched the corn and soy crop sending prices sky high. who can forget super storm sandy. neighborhoods along the northeast swept away millions without power and damages as high as $50 billion br
at congress with distain and rightfully so. with the deadline on the fiscal cliff only hours away we've failed to reach a reasonable compromise to move the economy forward and ward off painful tax hikes on the middle class. >> reporter: so everybody is waiting to see if the senate can reach a deal on the fiscal cliff. it's not entirely clear when the house would act. i talked to a key leadership aide who he said if the senate passes a deal we could certainly signal that we will take it up perhaps tomorrow morning and that would keep everybody calm, but first things first, they need a deal, jon. jon: by my calculation they have less than 13 hours to accomplish that. mike emanuel, thank you. >> reporter: thank you, sir. jon: let's take a look at the dow with all this fiscal cliff nonsense going on. it's up, actually about 8 points right there as you can see. still down below 13,000, though, after heavy losses last week. very light trading also as you might imagine on this day before the market is closed for the new year's holiday. while congress cannot seem to agree on a fiscal cliff fix, it loo
alert. earlier today in a pathetic last minute effort to avoid the nation falling off the fiscal cliff president arnold palmer took a mini break from the golf schedule to summon congressional leaders to the white house. a last minute mini deal could be struck before the end of the year that would preserve tax cuts for the middle class and preserve unemployment benefits. the president raced to the microphones and said the following after this meeting. watch. >> i just had a good and constructive discussion here at the wows with senate and house leadership about how to prevent this tax hike on the middle class and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> sean: here is what you need to remember. number one, the whole fed iasco was totally and completely avoidable. number two, senate democrats have not fulfilled their constitutional duty to pass a budget in over three long years. over 13 hyundais. their obsession has been and continues to be ruthless politics ove
america falling over the fiscal cliff? house republicans haven't yet called their members back to washington. our chief political correspondent, john harwood, is with us. john, this feels very much like it might be the calm before the storm in more way than one. >> it could be if we go over the cliff and the storm would be generated by the markets and the loss of confidence in american governance and the american economy, but that's not necessarily going to be the case. we still have a few days left. a white house official told me that there have been no progress over the last couple of days, but an aide to senator harry reid told me there's still a 50/50 chance we get a mini deal that would put off the effects of the cliff at least temporarily and a 50/50 chance of that happening before january 1st. so even though there's a small number of days, sometimes the urgency of a deadline forces lawmakers to overcome differences they can't overcome otherwise. >> remind us, john, a mini deal is composed in the senate but still has to pass through house republicans and boehner or not? >
control. >>> new developments tonight in the so called fiscal cliff. it's just four days away and we still are waiting to hear if there's a deal in washington. tonight president obama addressed the country in talkses to. there's still no answer, but tonight the president says work is being done. >> congressional leaders left the white house today without a deal to avoid the fiscal cliff. but the leaders and the president are still trying. >> i'm modestly optimistic that an agreement can be achieved. let's make sure that middle class families and the american economy and in fact the world economy isn't adversely impacted because people can't do their jobs. >> reporter: harry reid and mitch mccono agreed to spend the weekend working on a fall back plan that can pass both chambers of congress. >> some people will not like it, but that's where we are. >> reporter: president obama is pushing for a stop gap measure that would at least avoid tax increases on people earning less than $250,000. frustration is growing. a simple stop gap percent is not what men -- measure is not what many in washingt
the president really wants to go over the fiscal cliff? lori: cannot wait to hear where we stand, the latest negotiation or any at all on the cliff. spending specifically on toys. there is not a runaway must-have toy this year, but there are some hits and a few misses as well. what will be under the trees or what will be stuck on the retail shelves. david: but first, we will tell you what drove the market today with today's "data download." continued gridlock in the beltway sending stocks lower. the shorts in the day of trading. all three major indices closing the red with the dow closing the best losses, energy and utilities led the declines while materials and consumer discretionary outperform. natural gas a big mover in the energy pits falling more than 2% despite colder weather in much of the country this week forecasters expecting mild temperatures in january and that might have hurt natural gas a little bit. the japanese yen falling to a 20 month low against the dollar. coming to the back of comments from the incoming prime minister who says he will consider changing the law governing
in this fiscal cliff standoff. we have team fox coverage. mike emanuel is live on capitol hill. but first to ed henry at the white house. ed, it looks as if we are taking the plunge. >> it does, trace. but what i think the white house is hoping here tonight is that lawmakers are going to have some framework by midnight tonight that basically says votes as soon as tomorrow or maybe even in early wee hours, 1:00 a.m., 2:00 a.m. to start moving forward on this so at least the markets get the signal that they will retroactively make sure that the tax rates don't go up. that the massive spending cuts don't take effect. all of this is still hanging in the balance. as you mentioned, conservatives not happy that there are no new spending cuts here. liberals not happy over the fact that they believe the president gave in too much to republicans on taxes setting a threshold of $450,000 a year instead of what they wanted which was 250,000. bottom line the president said that's the art of the compromise today. everyone is not going to get everything that they want. and, in fact, he said the key here is to
will be cut before new year's to avert the fiscal cliff by extending tax cuts temporarily or tax cuts from people under $250,000 of income. i spoke this morning to a republican member of congress who said, we still can come back next week, and we can still do it, although, you know, mara was talking in her piece about shoppers who think they get a better deal the longer they wait. it's a worse deal for the republican party having waited this long, having gotten beaten on the plan b that speaker boehner was trying to do. the terms are getting worse for republicans, not better. >> a lot of people watching this will say if congress couldn't reach a grand bargain with a self-imposed deadline, this so-called fiscal cliff, when will they ever get together and do something big? is there hope beyond the 31st and 1st of this year that eventually there will be a big deal? >> well, i've always been perhaps excessively optimistic about this, but i think, yes. look, members of congress understand that we have a long-term fiscal problem. they have different visions for how to achieve it. the republican
. and the round table or the president's priorities in the new year. that's all ahead. fiscal cliff. fiscal cliff. whatirping ][ cellphon [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. how much is your current phone bill? four sixteen seventy six a month! okay, come with me -- we're gonna save you money. with straight talk at walmart, you get unlimited talk, text and data for only $45 a month per phone. would we get the same coverage? same coverage on america's best networks. you saved $146.76 by switching to straight talk. awesome! now you can afford to share your allowance with me. get the season's hottest smartphones like the samsung galaxy s2 and get straight talk with unlimited data for just $45 a month -- from america's gift headquarters. walmart. ♪ >>> since we announced we were going to have the nra's wayne lapierre on the program, we received so much feedback on line, thougs of
suggesting that the fiscal cliff trade here whenever you get bad news from washington is buy the dollar as a safe haven. you're going the other way here. >> right. well, i think there's going to be some battles. i think most of the market feels you will get forward movement when congress comes back. you're going to get a very watered-down plan to punt this forward. that's something i've been telling clients for about three months. that's my expectation, punt forward, but not going to be very pleasant. >> good to see you, andy. hope you had a good holiday. andy busch with "money in motion." catch currency trading on friday at 5:30 p.m. eastern. if you want more education about currencies, go to currency class at money in motion.cnbc.com. >> an article in today's "new york times" finds once traditional dating priorities like having a good job, physical chemistry, may not matter if your credit score is less than attractive. the "times" interviewed more than 50 daters all around the u.s. they were all under 40 years old. brings us to this morning's squawk on the tweet. what's the most impor
in and day out on the financial news talking about the fiscal cliff, economists talk about the fiscal cliff and politicians talk about the fiscal cliff. we're wondering whether mom and pops at home talk about the fiscal cliff. is a lack of a budget deal actually spooking shoppers out on main street? >> it is. walmart told us 75% of their customers have cite that had they are worried about the fiscal cliff. mandy, you and i were on last week talking about the luxury retailers and we called out saks saying business pre-holiday was particularly weak. what are the people in the stores telling me all week, saying that this is the worst pre-christmas they had seen in over a decade, and part of that was because their consumers are worried about the fiscal cliff, so note to the government. it does matter. >> yeah, but that's, as you say, part of it. laura, what else is going on? it just felt like we were going into a lackluster season here. what happened? >> i mean, there's been some discussion about weather trends as well, but whether or not we go over the fiscal cliff, consumers think next year w
. the new year and the so-called fiscal cliff. for the record, though, it's about 178 hours away if we're getting down to the wire. that's specifically. how much negotiating can be squeezed in to that little bit of time? >>> new numbers on whether exist consumers are buying less. >>> and just in time for the holiday, a christmas storm expecting to hit the midwest. when, where and how much snoi is expected. we bring the answers in minutes. >>> we start with optimism as a last words that comes to mind with the fiscal cliff and with just a week left for talks left, la lawmakers are saying a deal is looking less likely than ever. >> it's a first time i feel it's more likely that we'll go over the cliff than not. and that -- if we allow that to happen it will be the most coloss colossal, consequential act of congressional irresponsibility in a long time. maybe ever in american history because of the immaterial pact on almost every single american. >> what will happen to an average american paycheck in a deal is not reached by january 1st? joining me now, washington bureau correspondent hamp
, cutting short his holiday vacation. however, with only five days before the fiscal cliff deadline, no new negotiations have been scheduled. and adding to the pressure, treasury secretary tim geithner says the country is on track to hit its borrowing limit on monday. >>> and former president george h.w. bush has been moved to the intensive care unit at a hospital in houston. he's in guarded condition because of a stubborn fever. former president bush has been in the hospital for more than a month trying to recover from bronchitis. >>> you think you pay a lot to park. not compared to folks in chicago. it's going to soon cost $6.50 per hour. that's like 10 cents a minute at a meter downtown. >> in quarters. >> you can also use a credit card. >> who carries $6.50 in quarters? >> you can use a credit card, you guys. >> makes perfect sense. >> but they have the dubious distinction of having the most expensive parking meters in chicago. so, congratulations, chicago. it's a lot of money. >>> but at least this won't happen to your car if you fail to pay. this is in russia, you guys. this is a mass
think congress can pull off some sort of fiscal cliff compromise before major economic fallout sets in, there's one thing you need to be prepared for, for many of you, your paycheck will go down in the new year. here's why. the payroll tax was cut by two percentage points over the last two years to give the economy a little nudge. experts say that tax holiday is coming to an end and the small tax break adds up big over the course of a year. the center on budget and policy priorities says it's about $100 billion that will come out of our paychecks and go to the tax man. goldman sachs says that ending the tax holiday would shave 0.6 percentage points off economic growth next year which is not predicted to be all that strong anyway and here's the impact on you. let's say you make $50,000 a year, that's an extra $20 out of every single paycheck every week. doesn't seem like a lot of money but when you do the math, it sure adds up. that's $1000 you won't be taking home in 2013. jessica doyle, 9 news now. >>> angry, frustrated and confused, that's how many americans say they are feeling as w
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